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Emerging Trends Influencing The Growth Of The Encapsulation Resins Market: Product Innovations Driving Encapsulation Resins Market
Encapsulation Resins
How Big Is the Encapsulation Resins Market Size Expected to Be by 2034?
The market size of encapsulation resins has experienced consistent expansion over the recent years. The market is set to increase from $4.44 billion in 2024 to $4.63 billion in 2025, with a compound annual growth rate (CAGR) of 4.2%. The development witnessed in the past period is a result of the surge in the electronics industry, enhanced utilization in automotive electronics, increment in renewable energy applications, and escalating demand in the sectors of aerospace and defense.
Significant expansion is anticipated for the encapsulation resins market in the upcoming years, predicting a surge to $5.69 billion by 2029, with a compound annual growth rate (CAGR) of 5.3%. The projected growth during the forecast period is attributed to factors like the growth of electric vehicles (EVs), increased utilization of 5G technology, the rise of the Internet of Things (IoT), advancements in medical electronics, and the emphasis on sustainable and green formulations. The forecast period is expected to witness trends such as product innovation, focus on eco-friendly resins, the use of UV-curable resins, a surge in demand for high thermal conductivity resins, and customization for specific applications.
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What Are the Emerging Segments Within the Encapsulation Resins Market?
The encapsulation resins market covered in this report is segmented -
1) By Resin Type: Epoxy Resins, Polyurethane Resins, Silicone Resins, Other Resins
2) By Application: Transformers, Sensors, Switchgears, Insulators, Capacitors, Relays And Coils, Adhesives And Sealants, Other Applications
3) By End-Use Industry: Building And Construction, Automotive, Transportation, Electrical And Electronics, Marine, Other End-Users
Subsegments:
1) By Epoxy Resins: Liquid Epoxy Resins, Solid Epoxy Resins, Modified Epoxy Resins
2) By Polyurethane Resins: Flexible Polyurethane Resins, Rigid Polyurethane Resins, Hybrid Polyurethane Resins
3) By Silicone Resins: Alkoxy Silicone Resins, Hydride Silicone Resins, Modified Silicone Resins
4) By Other Resins: Polyester Resins, Phenolic Resins, Acrylic Resins
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What Long-Term Drivers Are Shaping Encapsulation Resins Market Trends?
Anticipated growth in the encapsulation resins market is aligned with the rising utilization of electric vehicles. Vehicles powered by electricity are denoted by their automobile's capacity to use energy from rechargeable batteries, with an electric motor and the potential for external charging. Encapsulation resins serve a critical role in these vehicles by encapsulating the electric motors. They deliver electric insulation, ensure thermal dissipation, and manage the NVH (Noise, Vibration, and Harshness) levels. For example, the World Economic Forum, a non-governmental organization in Switzerland, reported in May 2023 that total EV sales in 2022 hit 10.5 million. This figure is 55% higher than the 6.7 million sales in 2021. Furthermore, the overall market share for EVs increased from 8.3% in 2021 to 13% in 2022. This surge in electric vehicle usage is contributing to the expansion of the encapsulation resins market.
Who Are the Top Competitors in Key Encapsulation Resins Market Segments?
Major companies operating in the encapsulation resins market include Hitachi Chemical Co. Ltd., Dow (The Dow Chemical Company), 3M Company, Henkel AG & Co. KGaA, BASF SE, Shin-Etsu Chemical Co. Ltd., Arkema Group, Huntsman International LLC, Givaudan SA, H.B. Fuller Company, ELANTAS GmbH, LORD Corporation, Momentive Performance Materials Inc., Dymax Corporation, Optics Balzers AG, Electrolube Ltd., Epoxy Technology Inc., NAGASE ChemteX Corporation, Panacol-Elosol GmbH, RBC Industries Inc., Robnor ResinLab Ltd., MG Chemicals Ltd., Coatema Coating Machinery GmbH, Master Bond Inc., Mereco Technologies Group Inc., ACCRAbond Corporation
What Encapsulation Resins Market Trends Are Gaining Traction Across Different Segments?
Significant advancements in product development is an emerging trend observed within the encapsulation resins market. Leading market participants are leveraging technology to maintain their market status. For example, in November 2023, Induron Protective Coatings, an American coatings company, introduced a novel novalac epoxy, Novasafe. Novasafe is a furfuryl-enhanced, ceramic-filled novolac epoxy with exceptional durability even in the harshest treatment plant conditions. It boasts strong resistance to sulfuric acid across all concentration levels over extended time periods. Taking this into account, Novasafe, despite its thinner film compared to polyurethane/polyurea, retains its effectiveness thanks to its unique resin and filler components.
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Which Regions Are Becoming Hubs for Encapsulation Resins Market Innovation?
North America was the largest region in the encapsulation resins market in 2024. The regions covered in the encapsulation resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Encapsulation Resins Market?
2. What is the CAGR expected in the Encapsulation Resins Market?
3. What Are the Key Innovations Transforming the Encapsulation Resins Industry?
4. Which Region Is Leading the Encapsulation Resins Market?
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